Transform your daily workflows and Make Modifiable LLP Agreement

Aug 6th, 2022
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How to Make Modifiable LLP Agreement

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so limited partnership agreements are agreements between limited partners and general partners the limited partners are the investors in private equity now we talked about these investors in a previous video there are institutions such as pensions endowments foundations or individuals family offices or select high net worth individuals the general partner is the private equity firm and were going to talk about the details of private equity firms in following video so the limited partner the LP and the General Partner of the GP have an agreement together called a limited partnership agreement to form a private equity fund so this private equity fund invests in companies once it invests in a company that company now becomes a portfolio company of the private equity fund now lets go back to the relationship between the LP investor and the GP a private equity firm that operates the fund the LP has limited liability and the LP does not give the private equit

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A company can intimate changes among designated partners or partners or change in any particulars of designated partners or partners of a LLP by filing Form 4 (Notice of appointment, cessation, change in name/ address/designation of a designated partner or partner and consent to become a partner/ designated partner
Pass a resolution at the board meeting to approve the object clause. A director or the Company Secretary of the company will be authorised in the meeting to sign, docHub and file the required forms with the RoC. Also, the Board of Directors will fix a day, time and venue of Extra Ordinary General Meeting of members.
Object of the LLP Act, 2008 The main objective of LLP form is to enable entrepreneurs, professional and enterprises providing services of any kind or engaged in scientific and technical disciplines to form commercially efficient vehicles suited to their requirements.
LLP agreement governs the mutual rights and duties amongst the partners and also between the LLP and its partners. LLP agreement must be filed in form 3 online on MCA Portal. Form 3 for the LLP agreement has to be filed within 30 days of the date of incorporation. The LLP Agreement has to be printed on Stamp Paper.
Changes to MOA objects clause must be filed using form MGT-14 within 30 days of the passing of Special Resolution along with the approved fees and the following attachments: Notice related to EGM. Sanctioned True copy related to Special Resolution. Changed Memorandum of Association.
Draft and execute a supplementary agreement to change the object clause of LLP. In the agreement, only the object clause will be changed and all other clauses will remain in force. The supplementary agreement must be executed on the stamp paper, docHubd and witnessed by at least two individuals.
Following Procedure is to be followed Convene a Meeting of Board of Directors [As per section 173 SS-1] Obtain Shareholders Approval. File Form MGT-14 with ROC. Certification by ROC. Submission of Copy of Altered MOA to Stock Exchange [Regulation 30 and 46(3) of the SEBI (LODR) Regulations, 2015]
If the LLP needs to decrease the capital contribution of the partners, then it should file and submit Form 3 to the Registrar. The LLP is required to pay the regular filing fee. The Registrar will not refund the difference amount between the fees paid on increased slab and the fees payable on reduced slab.

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